Banks’ Job Cull Returns With Cuts Topping 60,000 in 2020
- Banks are restarting downsizing programs paused in lockdown
- Job losses set to exceed last year’s cull of almost 80,000
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Job losses at banks this year are on course to be the deepest in half a decade.
After a pause during lockdown, lenders from Citigroup Inc. to HSBC Holdings Plc have restarted cuts, taking gross losses announced this year to a combined 63,785 jobs, according to a Bloomberg analysis of filings. That puts the industry on track to exceed the almost 80,000 disclosed last year, the biggest retrenchment since 2015.